SAN JOSE, Calif., Nov. 15, 2010 (GLOBE NEWSWIRE) -- OCZ Technology Group, Inc. (Nasdaq:OCZ), a leading provider of high-performance solid-state drives (SSDs) and memory modules for computing devices and systems, has acquired certain assets of privately held Solid Data Inc., a provider of solid-state storage systems and solutions based in Santa Clara, California.
OCZ acquired the Solid Data assets for a total consideration of approximately $950,000, consisting of restricted common stock and cash. As a result of the acquisition, OCZ will gain access to DRAM-based and Fibre-Channel ("FC")-based SSD controller technology for implementation in future OCZ solutions. In combination with OCZ's existing SSD technologies, the acquired Solid Data IP enables OCZ to offer a wider range of enterprise-grade SSD products to OEMs, including proprietary FC-based SSDs and low-latency DRAM/Flash hybrid solutions.
"The Solid Data assets facilitate a unique opportunity for OCZ to transform IT infrastructures with the unprecedented speeds, reduced overhead, and increased endurance of new storage solutions, " said Ryan Petersen, President and Chief Executive Officer of OCZ Technology Group, Inc. Mr. Petersen added, "These assets accelerate our technology development enabling us to deliver an expanded range of next generation products and solutions to our Enterprise and OEM clients."
About OCZ Technology Group, Inc.
Founded in 2002, San Jose, CA-based OCZ Technology Group, Inc. ("OCZ") is a leader in the design, manufacturing, and distribution of high performance and reliable Solid State Drives (SSDs) and premium computer components. OCZ has built on its expertise in high-speed memory to become a leader in the SSD market, a technology that competes with traditional rotating magnetic hard disk drives (HDDs). SSDs are faster, more reliable, generate less heat and use significantly less power than the HDDs used in the majority of computers today. In addition to SSD technology, OCZ also offers high performance components for computing devices and systems, including enterprise-class power management products as well as leading-edge computer gaming solutions. For more information, please visit: .
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Forward-Looking Statements
This press release includes forward-looking statements about the future benefits and expected impact of the acquisition of the Solid Data assets. These statements are subject to known and unknown factors that may cause actual results of OCZ Technology Group, Inc. and of these assets to be different from those expressed or implied in the forward-looking statements. In this context, words such as "will," "would," "expect," "anticipate," "should" or other similar words and phrases often identify forward-looking statements made on behalf of OCZ. It is important to note that actual results of OCZ may differ materially from those described or implied in such forward-looking statements based on a number of factors and uncertainties, including, but not limited to, OCZ's ability to successfully integrate the Solid Data assets into existing operations, market acceptance of any new products from this acquisition and of other OCZ products and OCZ's ability to continually develop enhanced products; adverse changes both in the general macro-economic environment as well as in the industries OCZ serves, including computer manufacturing, traditional and online retailers, information storage, internet search and content providers and computer system integrators; OCZ's ability to efficiently manage material and inventory, including integrated circuit chip costs and freight costs; and OCZ's ability to generate cash from operations, secure external funding for its operations and manage its liquidity needs. Other general economic, business and financing conditions and factors are described in more detail in "Item 1A - Risk Factors" in Part II in OCZ's Annual Report on Form 10-K filed with the SEC on May 20, 2010. The filing is available both at www.sec.gov as well as via OCZ's website at www.ocztechnology.com. OCZ does not undertake to update its forward-looking statements.
CONTACT: OCZ Technology Group, Inc. Ryan Petersen, CEO 408-733-8400 The Investor Relations Group Investor Relations: Adam Holdsworth Public Relations: Mike Graff 212-825-3210